Several audit firms are adopting cloud-based management software as it enables faster audit issue resolution. In addition, it offers benefits such as automated audit process and reduced manual errors and paperwork.

They are also integrating predictive analytics with cloud-management software to obtain more benefits. This will lead to the expansion of the global IT spending market by audit firms market at a CAGR of over 8% during the forecast period.

Segment Analysis

This IT spending market by audit firms market analysis considers sales generated by the adoption of IT services, IT software, and IT hardware. The analysis also considers the sales of IT spending market by audit firms in APAC, Europe, North America, South America, and MEA.

In 2018, the IT services segment had a significant market share, and this trend is expected to continue over the forecast period. Solutions including cloud computing services, software-defined solutions, and big data provided by IT service providers will play a significant role in the IT services segment to maintain its market position.

Drivers & Restraints

Also, the market by audit firms market report looks at factors such as the increasing adoption of audit management services, increased demand for cloud-based audit management software, and strategic partnerships and acquisitions.

However, data security concerns, dependency on IT budget allocation of big four accounting firms, and high cost of IT implementation may hamper the growth of the IT spending market by audit firms industry over the forecast period.

AI-based audit management

The adoption of AI techniques in audit management software helps in improving the efficiency of data-heavy environments. It benefits the audit firms by minimizing the report generation timelines and reducing the total cost and time of audit management. Such benefits of AI-based audit management is expected to have a positive impact on the overall market growth.

Competitive Landscape

With the presence of few major players, the global IT spending market by audit firms market is concentrated. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading IT spending market by audit firms manufacturers that include:

Cisco Systems

Dell Technologies

IBM

Microsoft

SAP

Also, the IT spending market by audit firms market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.